I must confess to being a bit disappointed to read that the...

I must confess to being a bit disappointed to read that the offer was increased by 2c.  I think the 4 for 1 was already in the money because without any funding arrangement EXU was not going to be mining anything, no matter what their reserves were.  RMS breakdown assessment of the Tampia sufficient to support a processing plant.  Mace although potentially adding more value, seems to have quite a risk to support financing with the uncertainty in the resource. 

I am not saying that Tampia and Mace and the exploration prospects are not good, and valuation as per RMS and the independent assessment, at the upper range.  It is just that I see nothing there that will either make financing reasonable, lifting the share price sufficiently for a capital raise or security for a loan.  For my own decision not to buy EXU I thought I would get it cheaper in 3 months or so.

That being said it seems RMS have put a lot of thought into it and explained their intentions well.  I held on to RMS the last 12 months with their falling margins mostly because of their past management record.  Even with EM which I also disagreed with at the time.  It is a pity they did not give any figure for their smaller resource with higher grade planned for trucking.

It will be interesting to see what EXU holders make of this lifeline they have been offered IMO